Australian Treasurer Chalmers: Inflation now forecast to peak at 7.75% in Q4

developing story ....

Headline inflation seen at 5.5% by middle of 2023, 3.5% by end of 2023, 2.75% by middle of 2024.

Final budget outcome for 2021-22 likely to show a dramatically better-than-expected outcome.

Unemployment rate expected to remain low before returning to 3.75% by June 2023 and 4% by June 2024.

Short, medium-and-longer-term pressures on the budget are more pronounced.

Upgrades forecast for nominal wages growth to 3.75% this financial year and next.

Real wages are expected to start growing again in 2023-24.